Supranational Cooperation in Europe

The sovereign debt crisis and the euro crisis have prompted heads of state and government in Europe to intensify supranational cooperation. However, some political leaders and policy makers aim for more. They propose the introduction of a common European economic government that would prevent Europe from experiencing further financial threats and stabilise national budgets and financial markets, as well as the euro. The results of a survey among wellinformed people imply a rather ambivalent attitude towards this venture. While a slim majority favours the general idea of centralised economic governance in Europe, or in the eurozone, the concrete ideas for the design of such a government are not popular among the respondents. A centralised macroeconomic policy, a common budget that is set centrally and using eurobonds as a common means of debt financing in the eurozone all receive limited approval. So, if they are aiming for more supranational cooperation, public and corporate policy makers need to take clear-cut steps that offer tangible benefits that influence public opinions favourably.